Indian Indices Trade Lower

Wed, 17 Aug 01:30 pm

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The Indian market is trading flat this afternoon amid volatility in front line stocks. Sectoral indices are trading on a mixed note with stocks from the metal & auto sectors witnessing buying interest whereas power & IT stocks are bearing the brunt of the selling pressure.

The BSE Sensex is trading lower by 100 points (down 0.4%). while the NSE Nifty is trading lower by 35 points (down 0.5%). The BSE Mid Cap index is trading up by 0.2% and BSE Small Cap index is trading up 0.4%. Gold, per 10 grams, is trading at Rs 31,370 levels. Silver, per kilogram is trading at Rs 46,184 levels. Crude oil is trading at Rs 3,097 per barrel. The rupee is trading at 66.76 to the US$.

As per an article in The Economic Times, Tata Power's subsidiary of Tata Power Solar has commissioned a 100 MW solar project under local content requirements in Anantapur, Andhra Pradesh. This 100 MW plant is the largest to date in India built using domestically manufactured solar cells and modules.

Reportedly, the project has been developed for India's largest utility NTPC. Tata delivered the project three months ahead of schedule according to a company statement. Notably, the plant is expected to generate nearly 160 million units of energy per year.

Considering power sector's several headwinds, we have discussed the challenges faced by Tata Power (Subscription Required) in one of our premium editions of The 5 Minute Wrap Up.

Further, the key highlights of the project included the innovative design of Balance-of-System (BoS) and cabling, along with optimized selection of evacuation systems.

In another development, it was reported that, Tata Power Company's wholly owned subsidiary in Singapore - Tata Power International (TPIPL), has completed the sale of its 50% stake in OTP Geothermal to KS Orka. The deal amounts to US$ 30 million.

KS Orka is a project developer focused on geothermal and waste heat projects. OTP was a 50:50 joint venture between Origin Energy Ltd and TPIPL.

Also, the disinvestment in OTP is consistent with the Tata's strategy to constantly review its businesses and restructure. Whether it successfully delivers long term value to shareholders in future is an interesting thing to watch out for going forward.

Tata Power was trading down by 0.6% at the time of writing.

Moving on to the news from oil & gas sector. According to an article in a leading financial daily, Indian Oil Corp (IOC) is planning to raise Rs 120 billion through a bonds issue to meet its capital expenditure needs.

In this regard, the IOC will raise money from domestic as well as overseas markets to meet its capital expenditure as well as working capital requirement.

Reportedly, a resolution authorizing the company board to raise the money will be put to vote at the company's annual general meeting in September. One must note that the company has a debt of Rs 524.7 billion as on March 31, 2016.

Considering oil & gas sector, government is looking to merge 13 state oil companies to create a giant corporation. The idea is that the creation of such a giant firm will catapult India into a much bigger league. Whether this highly ambitious plan will be successfully executed is a big question to look out for so far.

IOC was trading up by 0.5% at the time of writing.

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